clear all 
macro drop _all 
set scheme s2mono
grstyle init
grstyle set plain, nogrid 



/************************************************
 DESCRIPTION
************************************************/ 

* This program lists and runs all programs used to generate the tables and figures used in "Finance, Advertising, and Race," Celerier and Tak, 2024. 

/************************************************
 PATHS AND MACROS  
************************************************/ 
* Add username and change directories as needed. 

global name = "claire.celerier"
*global name = "ptak"

global Data  "/Users/$name/Dropbox/Freedman_Bank/RFS_Acceptance/ReplicationPackage/Data"  
global Final_Figures "/Users/$name/Dropbox/Freedman_Bank/RFS_Acceptance/ReplicationPackage/Results/Figures"  
global Final_Tables "/Users/$name/Dropbox/Freedman_Bank/RFS_Acceptance/ReplicationPackage/Results/Tables"  


 
/************************************************
 FIGURES  
************************************************/ 

**  Figure 1. Advertising Frequency Across Newspapers: The Freedman's Savings Bank versus Other Banks
do "$Final_Figures/1_Figures_NumberArticles_Final_December2024.do"

**  Figure 2. Volumes of Loans Issued by the Freedman's Savings Bank and Defaulted – Before and After the 1870 Charter Amendment
do "$Final_Figures/2_Figures_Loans_Evolution_Final_December2024.do"

**  Figure 3. Deposits and Loans across Race and Branches
do "$Final_Figures/3_Figures_RaceBranch_DepositLoan_Composition_Final_December2024.do"

**  Figure 4. New Accounts Opened and Outstanding Amount of Deposits at the Freedman's Savings Bank from 1865 to 1874
do "$Final_Figures/4_Figures_Accounts_Deposits_Evolution_Final_December2024.do"

**  Figure 5. New Accounts Opened Within Bank's Advertising Network Ex Ante, Difference-in-Differences Analysis
do "$Final_Figures/5_Figures_Accounts_DiffinDiff_Final_December2024.do"

**  Figure 6. Advertising Persuasion Intensity: The Use of False Claims and Prescriptive Stereotypes across Banks
do "$Final_Figures/6_Figures_Persuasion_Clusters_ML_Final_December2024.do"

**  Figure 7. Persuasion Intensity Difference-in-Differences
do "$Final_Figures/7_Figures_Persuasion_DiffinDiff_Bagofwords_Final_December2024.do"

**  Figure 9. Replication of SY2020's IV Coefficient Estimates on Permutated Samples with Randomized Depositors
*do "$Final_Figures/9_Figures_Random_Test_IV_Final_December2024.do"

**  Figure 10. Bank Failures (1816 - 1933)
do "$Final_Figures/10_Figures_Bank_Failures_Final_December2024.do"

 

 
/************************************************
 TABLES   
************************************************/ 


**  Table 1. Bank Advertisement Dataset - Summary Statistics
do "$Final_Tables/1_Tables_Newspaper_Summary_Statistics_Final_December2024.do"

**  Table 2. Deposit and Loan Datasets – Summary Statistics
* Panel A
do "$Final_Tables/2_Tables_DepositorRecords_SummaryStatistics_Final_December2024.do"
* Panel B
do "$Final_Tables/2_Tables_Loans_SummaryStats_Final_December2024.do"

**  Table 3. Increase in Advertising Volumes after the 1870 Charter Amendment - Analysis across Banks
do "$Final_Tables/3_Tables_Advertising_Magnitude_DiffinDiff_Final_December2024.do"

**  Table 4. Advertising and Deposit Collection - Panel Analysis across Branches of the Freedman's Savings Bank
do "$Final_Tables/4_Tables_Advertising_Accounts_Panel_Final_December2024.do"

**  Table 5. Increase in Advertising and Deposit Collection at the Freedman's Savings Bank after the 1870 Charter Amendment - Analysis across Branches
do "$Final_Tables/5_Tables_Advertising_Accounts_DiffinDiff_Final_December2024.do"

**  Table 6. Advertising Content - Word List Summary Statistics
do "$Final_Tables/6_Tables_Persuasion_SummaryStatistics_Final_December2024.do" 

**  Table 7. Changes in the Use of Persuasion Messaging after the 1870 Charter Amendment 
do "$Final_Tables/7_Tables_Persuasion_DiffinDiff_Final_December2024.do"  

**  Table 8. Persuasion and Deposit Collection: Panel Analysis  
do "$Final_Tables/8_Tables_Persuasion_Accounts_Panel_Final_December2024.do"  

** Table 9. Depositor Losses (Panel A) 
//See: 9_PanelA_Dividend Payment_December2024.xlsx 

** Table 9. Depositor Losses (Panel B) 
do "$Final_Tables/9_Tables_Bank_Failures_SummaryStatistics_Final_December2024.do"
 
 

